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Accuray Reports Financial Results For Third Quarter Of Fiscal Year 2014

Stocks in this article: ARAY

Achieves Positive Cash Flow on Strong Revenue Growth

Updates Financial Guidance

SUNNYVALE, Calif., April 30, 2014 (GLOBE NEWSWIRE) -- Accuray Incorporated (Nasdaq:ARAY) announced today financial results for the third fiscal quarter and nine months ended March 31, 2014.

Third Quarter Highlights

  • Gross orders of $45.2 million
  • Total revenue of $97.1 million increases 38% from the third fiscal quarter 2013
  • Gross profit margin expands to 40.9%
  • Achieves adjusted EBITDA of $7.8 million and positive cash flow from operations of $13.7 million

"The third quarter was marked by EBITDA profitability and positive cash flow from operations, driven by revenue growth and margin expansion. Our upwardly revised revenue guidance range reflects continued momentum in the business," said Joshua H. Levine, president and chief executive officer of Accuray.  "As expected, net order funnel management was challenging and resulted in fewer orders this quarter, but we are confident in the downstream impact of our commercial execution improvements, including the focus on developing a high leverage GPO contract portfolio as we have separately reported today with the announcement of our contract with Novation." 

"We remain focused on our strategic growth agenda and believe our improving operational and commercial execution, coupled with fiscal discipline, will continue to create value for our stakeholders," continued Mr. Levine. "We are confident that our efforts to ensure customers realize the value of our precise, innovative tumor treatments and the service and support we provide to them are the right strategies to drive long-term growth for Accuray."

Financial Highlights

Gross product orders totaled $45.2 million for the third fiscal quarter, a decrease of $8.6 million or 16% from the third quarter of the prior fiscal year. Gross product orders, less cancellations and age-outs, totaled $38.6 million for the third fiscal quarter, a decrease of $5.5 million or 12% from the third quarter of fiscal 2013. Ending product backlog of $354 million was approximately 19% higher than backlog at the end of the prior fiscal year third quarter.

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